Chances are, you have some of these Morgan silver dollars lying around the house. If you do, what do you plan to do with them? How much are they worth today?
Engraver George T. Morgan designed the Morgan Dollar, which was minted primarily from 1878 – 1904. The Bland-Allison Act required that the government purchase enough silver to produce a monthly quota of coined dollars. In 1904, the mint stopped producing silver dollars when silver reserves were depleted; however, Congress passed a law that permitted additional coins to be produced in 1921. The famous Peace Dollar replaced the Morgan Dollar that same year.
Some silver dollars are worth a lot of money to collectors. The 1895 is called the “King” because a proof specimen fetched $120,000 at auction. Only about 80 of the proof specimens have been accounted for – nearly 12,000 minted for circulated have vanished – and nobody really knows what happened to them!
Naturally, the coins’ value depends upon quality, and a coin professional is the best source for evaluating your coins. NEVER clean or polish them – you could destroy significant value! And try to store them in a place where they won’t become damaged.
Morgan and other silver dollars also have a “meltdown” value, which you can calculate for your own coins.
The coin pictured above contains 90% silver and 10% copper, and its “meltdown value” is approximately $24 today. Not a good return on a 123-year investment. And I’ve seen some listed online by private sellers for $30 or $40. But at least it’s worth more than $1.
Maybe it’s time you dug up your collection to discover whether it’s worth $24 or $24,000!